AI technology firm Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has partnered with Collins Aerospace, one of the world's leading avionics companies, to develop eye-tracking solutions for the aviation industry.
The deal, worth US$10mln paid over three years, marks a significant milestone for the safety of global aviation.
Collins Aerospace, a Minnesota-based entity owned by Raytheon Technologies Corp (NYSE:RTX), will join Seeing Machines in crafting cutting-edge fatigue detection solutions for pilots. The collaboration builds on a partnership announced in November 2021, with the objective to tap into an estimated US$700mln market.
As part of the agreement, Collins will pay Seeing Machines an upfront sum of US$3mln, with the remaining US$7mln delivered over the subsequent two years. Further, one-off engineering payments will be made to Seeing Machines for the development of these solutions.
The deal could eventually evolve into the UK-listed company receiving royalty payments once the products go on the market.
Troy Brunk, president of avionics at Collins Aerospace, said: "This agreement allows us to further enhance our solutions. Seeing Machines' cutting-edge technology, coupled with our expertise in avionics and flight controls, will deliver innovative products that address the evolving needs of our customers."
The partnership cements Seeing Machines' leading position in eye-tracking solutions for the aviation industry, investors were told. The firm's pioneering technology will be integrated into Collins' suite of solutions, tackling safety critical issues for global airlines.
Paul McGlone, Seeing Machines CEO, said: "Over the past five years, we have shaped the eye-tracking market for aviation. This transformational partnership with the world's leading Avionics supplier enables us to exploit our significant business opportunities and bring these solutions to market."